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What would happen if BMT switched to 100% pay model
I understand the paradox that you are experiencing now. But the difference is you are not 'selling' a dream as a vendor is. You are not making claims that they will be overnight millionaires, or drastically change their lives.
And not that you should. Just saying with the right amount of hope or dream people will easily part with their money.
I think it is better for non-elite to see all content minus all attachments, images etc... and also they can't post at all. It's like reading a heavy redact document.
Right, could you implement a I.P logger that detects multiple usernames that will automatically deny them along with a phone # verification system that will send out a text activation code to start the trial and when the trial is up it keeps that # logged so that it could not be used again? It would make it a lot harder on the idiots, who do make multiple accounts just to cause trouble, to be able to continue doing that seeing they would have to get a different phone # and I.P to continue causing trouble..
without some non-elite functionality, I think the memberstream would simply dry out. While existing (elite) members decide to move on, lesser and lesser "later generations" would find their way here.
As for the value - people are not rational about their decisions. If they don't get anything before paying and all they are getting after paying is the right to "access content", many many people would rather buy something definite like an indicator somewhere or book a trading room - just something where they have something that bears the illusion of an actual service for their money.
They wouldn't realize how many indicators and education they'd be "buying" here, so they won't.
Also, this might actually work against the site and in fact decrease the quality of elite-content. people that arent serious but can afford 100$ without worrying too much don't get to run their one or two circles for free before moving on - so they'd do it in elite section. Dont know if it would become a problem, but it could, imho.
A similar system that detects duplicates is already used. Let's just say it catches people all the time, usually vendors that are trying to misrepresent or self-promote. But it also catches people who forgot their password, and instead of clicking 'forgot' they create a new account, despite being told in huge bold print, and having to hit 'i agree' to a checkmark that says the account isn't a duplicate, and it won't work if it is a duplicate, etc etc etc.
I've been a member for a long time now, though I did not post much. Part of the reason is I'm a part time trader and have to work during the regular session. I appreciate your effort creating and curating futures.io (formerly BMT), and understand your frustration over spams. But I can see the inherent flaw in the reasoning for charging futures.io (formerly BMT). futures.io (formerly BMT) is for most users a place to share and socialize. I think of futures.io (formerly BMT) as a combination of trading facebook and trading app store. How many social networks charge for joining?
The argument that other vendors charging $100 misses the point. They're vendors; selling their indicator/trading room is their business. (The quality of their services/products or they're stealing from futures.io (formerly BMT) is another topic). futures.io (formerly BMT) on the other hand is where trader interact, learn from each other, share their studies/methods etc.
OK, but how many social networks have hundreds of educational webinars on a single topic (trading), or how many of them act as a central repository to get things for free (legally) that cost tens of thousands of dollars elsewhere?
I think calling futures.io (formerly BMT) facebook misses the point as well.
With either of your options, would you consider adding a trail period? The drawback of course that if someone joins for just indicators they could sign up for a trail download everything and bail.
For me, I became elite when I saw the content of non-elite, and wanted to explore further. Removing this might discourage people from paying, because they don't know what they are missing.
Another option could be to only allow paying members to be able to download any code.
Cheers,
Sody
"The great Traders have always been humbled by the market early on in their careers creating a deep respect for the market. Until one has this respect indelibly engraved in their makeup, the concept of money management and discipline will never be treated seriously."
I'm fine with a 100% pay model but I agree with other members that there needs to be a sales funnel to ensure that new members also want to become elite.
This does two things: 1) ensures that new traders join and share their ups/downs and experience, 2) ensure that the site is profitable so that burden doesn't fall on existing members.
Alternatively, I would be ok with switching to a monthly subscription model which would require fewer new members to ensure profitability; however, the drawback is that it would limit new traders who can grow the community.
